IAS 37

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June 10, 2020 at 1:01 am #573321
Sourav9271
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When a contingent liability is “PROBABLE” does it automatically gets converted to provisions?Do we have to recognise it in FS as a provision?
June 10, 2020 at 9:55 am #573358
John Moffat
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Yes – it is recognised as a provision.

This is all explained in my free lectures on IAS 37. The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.
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